At least we have some control over our tax rate and the fees we pay to advisors. Can’t control what the market, SS or Medicare rates are going to do at all. My fear is that the USG eventually cuts the standard deduction way down and massively hikes tax rates across the board. Maybe they will spare seniors for a while if that happens.
Josh I have watched several if not thousands of your youtubes videos in 2 to 3 times. i have purchased a few of your books from Amazon and do have a qustion. From viewing and learning before I found you placed a large amount into an Annuity and found that I will be paying alot of tax. I like you really like the Roth, and don't like the idea of having money tied up in an Annunity, I also have been doing Roth conversions every year from 2022. I am delaying SS until 70 year and am 69 now. I have money in TSP, and have moved dollars out of TSP to convert to an IRA Roth in a finical institution. Would it be best as I have in the Annuity been moving money out of it, at the 10% of which is penality free into the finical institution, after doing calculations found that since have been only making an average of 4.77% and if I left it in the TSP I would have alot more, in the TSP. So as you know it cost alot of money to pay the tax man for the conversions, of which I have been doing. So in 2026 I am thinking if I pull out all the funding from the Annuity with a 10% penality is to go ahead and bite the bullet, and have it transfered into my finical institution. So would you off the record put the transfer of money into a Long Term Brokage account, than paying the taxes to put into the Roth? If you need more info I can get it for you. I own my home, and suv. I enjoy my work, and trying to figure this out. Should there be a ratio of what I make compared to what I can do into a brokerage account? Oh yes I am interested in your retirement course if you have that. For SS I estimate that I will have 48K and my pension will be about 26,472, that is if I retire at end of 2024. If you can give me some good common since, in the direction I should go, or if I am on the right track. Thanks, Mike
“You can’t live on $80K a year in income?” “When the median income in the entirety of the US is $75K?”…. Haha. And keep in mind, that $75K median income includes families with mortgages and car loans. As retirees, no kids expenses, hopefully no debt, $80K is pretty darned comfortable.
What kind of subsidies are they getting in Vermont? I am 60 and plan on being in the 12% tax bracket and the cheapest premium with subsidies are anywhere from $575 up to $1000 per month or more. HMO policies mostly. I wish people would provide more detail as what kind of plans they are getting for $292 a month. Working people with decent Health Plans don't get by that cheap.
Agree. We retired 12/31/22. I was 63 years and 4 months old and my wife was 62 years and 10 months old at the time. I am very fortunate to have a state retirement plan from NC. Mine is paid for at retirement with a 70/30 benefit rate from BCBS of NC. If I upgrade to the 80/20 plan it's $50 per month. Covering my wife at the 70/30 rate was $590 per month. We optioned for the 80/20 PPO BCBS plan at $700 per month. We are not eligible for subsidies since I draw a state retirement in addition to social security. If I had stayed in private employment I would still be working up until at least 65 when Medicare kicks in.
My wife is disabled and gets Medicare, but I retired at 62 in Ohio and can make 72K (SS and controlled by IRA withdrawls) and get subsidies which make the premium $328. For 2 people it would double but it's only 3 years till Medicare.
I live in Florida and my wife and I are retired. We have reportable income of $55,000 and our subsidy on our ACA policy makes our premium $2.30 per month.
@@johnscott2746 You must have a hmo or bronze plan.I Iive in FL and retiring at end of yr. Taking obama care with plans on having less than $50,000/yr income. Cash is king. Using BCBS PPO Gold plan, monthly cost is about $450/month. Since i am leaving a 42/yr career in healthcare i can tell you NOTHING is more important than having good healthcare coverage. Do not skimp on healthcare. My wife has Breast ca, her meds cost $13,000/month. Healthcare costs can bankrupt you.
While showing the 1040’s will make some folks gag, I like that you do it - shows the mechanics of how the tax tires hit the road, not simply on a line chart.
Merry Christmas to you and yours, the 4 kids and those two dogs!
It’s not still 140K bucks.
At least we have some control over our tax rate and the fees we pay to advisors. Can’t control what the market, SS or Medicare rates are going to do at all.
My fear is that the USG eventually cuts the standard deduction way down and massively hikes tax rates across the board. Maybe they will spare seniors for a while if that happens.
Josh I have watched several if not thousands of your youtubes videos in 2 to 3 times. i have purchased a few of your books from Amazon and do have a qustion. From viewing and learning before I found you placed a large amount into an Annuity and found that I will be paying alot of tax. I like you really like the Roth, and don't like the idea of having money tied up in an Annunity, I also have been doing Roth conversions every year from 2022. I am delaying SS until 70 year and am 69 now. I have money in TSP, and have moved dollars out of TSP to convert to an IRA Roth in a finical institution. Would it be best as I have in the Annuity been moving money out of it, at the 10% of which is penality free into the finical institution, after doing calculations found that since have been only making an average of 4.77% and if I left it in the TSP I would have alot more, in the TSP. So as you know it cost alot of money to pay the tax man for the conversions, of which I have been doing. So in 2026 I am thinking if I pull out all the funding from the Annuity with a 10% penality is to go ahead and bite the bullet, and have it transfered into my finical institution. So would you off the record put the transfer of money into a Long Term Brokage account, than paying the taxes to put into the Roth? If you need more info I can get it for you. I own my home, and suv. I enjoy my work, and trying to figure this out. Should there be a ratio of what I make compared to what I can do into a brokerage account? Oh yes I am interested in your retirement course if you have that. For SS I estimate that I will have 48K and my pension will be about 26,472, that is if I retire at end of 2024. If you can give me some good common since, in the direction I should go, or if I am on the right track. Thanks, Mike
“You can’t live on $80K a year in income?” “When the median income in the entirety of the US is $75K?”…. Haha.
And keep in mind, that $75K median income includes families with mortgages and car loans. As retirees, no kids expenses, hopefully no debt, $80K is pretty darned comfortable.
How come 85% of my wifes ss income is taxable, while your example only has 50% of ss taxable?? Is it because we live in Florida?
What kind of subsidies are they getting in Vermont? I am 60 and plan on being in the 12% tax bracket and the cheapest premium with subsidies are anywhere from $575 up to $1000 per month or more. HMO policies mostly. I wish people would provide more detail as what kind of plans they are getting for $292 a month. Working people with decent Health Plans don't get by that cheap.
Agree. We retired 12/31/22. I was 63 years and 4 months old and my wife was 62 years and 10 months old at the time. I am very fortunate to have a state retirement plan from NC. Mine is paid for at retirement with a 70/30 benefit rate from BCBS of NC. If I upgrade to the 80/20 plan it's $50 per month. Covering my wife at the 70/30 rate was $590 per month. We optioned for the 80/20 PPO BCBS plan at $700 per month. We are not eligible for subsidies since I draw a state retirement in addition to social security. If I had stayed in private employment I would still be working up until at least 65 when Medicare kicks in.
My wife is disabled and gets Medicare, but I retired at 62 in Ohio and can make 72K (SS and controlled by IRA withdrawls) and get subsidies which make the premium $328. For 2 people it would double but it's only 3 years till Medicare.
@@ohiopatthen when Medicare hits, you pay more!
I live in Florida and my wife and I are retired. We have reportable income of $55,000 and our subsidy on our ACA policy makes our premium $2.30 per month.
@@johnscott2746 You must have a hmo or bronze plan.I Iive in FL and retiring at end of yr. Taking obama care with plans on having less than $50,000/yr income. Cash is king. Using BCBS PPO Gold plan, monthly cost is about $450/month. Since i am leaving a 42/yr career in healthcare i can tell you NOTHING is more important than having good healthcare coverage.
Do not skimp on healthcare. My wife has Breast ca, her meds cost $13,000/month. Healthcare costs can bankrupt you.
Glad all my retirement is in a roth IRA no taxes will be owed once we retire in 3 years
At around 7:00, you show a form 1040 with QBI of $14,991 on line 13 - but that should be $0 because there is no Line 8 other income.
While showing the 1040’s will make some folks gag, I like that you do it - shows the mechanics of how the tax tires hit the road, not simply on a line chart.
Social security estimated taxable amount is incorrect.
132k in SS! That sounds high. I thought the max was much lower?
@@FIRED13 understood. I was thinking if taken today.
Why is her Social Security benefits tax free? Can you explain?
Thanks Josh
Tax law will be changed much by then. Line 1: What was your Income? Line 2: Send it In.
😂😂
Yeah there's zero chance of that happening bro. The Republic will collapse first.
@@cisium1184 I think you may be right. Very scary
Joss, you know far too much work from feelings and don't care about facts, math, truth, & simple economics.
Relax